[music] [music] This is the Investing News Network and I'm Georgia Williams here with you at the 51st edition of the New Orleans Investment Conference. Joining me today is Brett Marsh, president and CEO of Spartan Metals, which trades on the TSXV under the ticker symbol W. Thanks for joining me today, Brett. >> Thanks for having me, Georgia. >> No problem. And I was wondering if you could give us a quick overview of Spartan Metals for anyone that's not familiar with the company.


>> Absolutely. So, Spartan Metals was actually formed this year uh with a critical metal focus, particularly under tungsten. It's why our ticker symbol is W. Uh we have uh a really excellent project in eastern Nevada that uh contains three past producing uh mines. Uh Tungstia, which is of course a tungsten mine. uh the Reese mine which is also a tungstroducing tungsten mine and antelope which is a silver copper antimony uh pro uh operation. >> Right. >> Yeah. >> And um you recently started an


exploration program at the Eagle project and yesterday you released an update noting the identification of a silver rich carbonate replacement deposit as well as the discovery of an extensive vein system with significant silver, copper and antimony. Can you tell us about these developments and what they mean in the larger context for Spartans? >> Yeah, sure. So, you know, this is really exciting for us because we know we've got really high-grade tungsten and silver within our vein system at


Tungstia and uh we looked at the extensions of these veins while we were doing ourh surface program. uh basically collecting soil samples, doing geological mapping, the basics of uh geologic exploration and we noticed uh you know we had some really good uh quality uh alteration that we were seeing and so we started to look back at some of the old data and we realized that we had a pretty significant opportunity there and some of those uh aspects around tungstia for silver up to 900 parts per million or grams per ton


and so that's pretty significant in the in the overall all context. And when we actually look at um you back up at the Reese uh claim block, which hosts the Reese mine and the uh Antelopee mine and Antelopee as you recall was the the one that had the high-grade silver and and copper. It's where we started to focus and we were actually able to extend um you know the known mineralization we had from antelope another kilometer of C uh along strike. So it really extended the overall size. So it really gives us an


opportunity to continue to uh explore high-grade tungsten but we also have you know high-grade silver antimony bismouth arsenic and other critical metals that are extremely important to the US um onshoring needs for critical metals and so it's it's a really exciting time for for us because we you know we love to make discoveries and we love when those discoveries are are really nice like this. So >> absolutely and poly metallic discoveries are some of the best. >> Yeah. Yeah. Absolutely. And so it really


gives us a lot of uh optionality and exposure right and so we as I said we we know we have you know really good assets for tungsten but now we see you know silver and the other critical metals coming in that uh really really gets the uh uh everybody excited. >> Yeah. And um there's also plans to characterize tailings for potential resource estimation at Eagle. What indicators suggest these legacy materials could offer economical economical recoverable tungsten, silver, and rubidium? And how significant could


this be for Spartan's resource base? >> Yeah, this that's a great question. So, since Tungstia was a past producing uh tungsten mine around turn uh around World War I, World War II, you know, there's a historic tailings pile that's there. And so in in 2024, we actually did some surface sampling and took a couple samples of that uh tailings pile and realized that we had really decent grade tungsten, but then also rubidium and silver that were contained within there. And so uh just uh on the 20th we


kicked off a drilling campaign to drill that tailings empowerment and put in 34 holes uh over the course of a week and then also collected two other holes for metallurgical testing because you know some of that metallurgy is a little bit unique, right? And so we really need to understand what the economic potential of that could be, right? >> So we're really looking forward to getting the results of all that back and and really understanding what what we potentially have there in that in that


tailings pile. Do you have an idea of when you might know some of the definitions in there? >> Well, the uh the labs have actually been coming uh turning their samples around and results around rather quickly. So, I'm hoping it's before Thanksgiving. >> Great. >> And we can get something back out there. >> Yeah. Um Spartan emphasizes critical minerals like tungsten, rubidium, both strategically important for defense and technology sectors. How do you see the Eagle project positioning Spartan within


the broader US effort to secure domestic critical mineral supply? Yeah, that's really the main reason we put the company together was to really make sure that we were at the front of the line to, you know, supply tungsten and other critical metals to the US Department of Defense in particular because we've had past relationships with the Department of Defense. We're really really hopeful that we can continue to leverage those those contacts and relationships and and uh do something special with Spartan.


>> Absolutely. With both phase one and parts of phase 2 of the recommended work program underway, what are the key milestones investors should watch for over the next 6 to 12 months as you advance the Eagle project toward potential resource delionation and economic assessment? >> Yeah, I mean that really we're going to be putting out results from what we've been doing, right? So, we've collected and submitted over 2,000 soil samples and we did the tailings uh work that we


just talked about and we're going to have uh you know you know additional work that's been done as far as just surficial geologic mapping and sampling uh geoysics and others really to really with the intention of developing uh high high potential drill targets for us to go after in the spring. >> Yeah. And what should investors be on the watch out for um over the next quarter and next year? >> Yeah, it's it's really the continuation of our work plans, right? And that's


what we're going to be doing. And so we'll be we'll be pushing forward with economic assessment of the tailings as you go through there. So that could probably take, you know, several months or several quarter or two. uh as well as just uh you know what we continue to do with our uh surface exploration and target target generation for for Tungstia. Yeah, we're really excited about the the overall project. Every time every time we go out there or look at a new piece of data, you know, we see


something new that uh you know really gets us uh makes us happy. So >> yeah, and it's really remarkable to see how far you've come in just a year. So congratulations. Yeah, we really uh it's been a blur for us over the course of the year where we went uh we basically acquired the asset at the end of July and closed our first uh capital raise at the end of September. Now we're putting all the plans into action. So it's uh it's definitely fun. >> Absolutely. Well, thank you very much


for speaking with me today, Brett. I enjoyed for having me. Appreciate >> and I hope you enjoy the rest of your conference. >> Yeah, thank you. >> Thank you. That was Brett Marsh and I'm Georgia Williams with the Investing News Network. >> [music]